BABB is a company building a decentralized bank, hence providing anyone worldwide with a bank account and access to peer to peer financial services. BABB (Bank Account Based Blockchain) is a “decentralized banking platform will enable anyone to open a bank account and crowdsource financial services.” According to the official network. It is a world bank for the Micro-economy.
The BABB platform offers users products meant to enhance their experience when using the platform. These products are:
The BABB App
The BABB App can be used to open a UK bank account from anywhere in the world. Once you take your sulfide and say a passphrase, you enter them in the BABB ecosystem using the app and you have an account. If you have a smartphone and internet access, then the process is possible. This Account can be used to send money and exchange money to other BAB users worldwide.
The black card is used to bridge the gap between the digital and the physical world. It is a secure payment card which is linked to your BABB account via an NFC tag or a QR code. The card allows both the pre-paid card and the debit-like card functionalities.
The BABB technology includes CBDC features which also has several features including the multi-jurisdictional feature, economic stability, regulation-friendly and borderless payments. Another feature of the technology is the social KYC. The social KYC promotes trust in the BABB platform. The mechanism also promotes exponential growth of BABB’s user base, making the network effect.
Another feather of the technology is the Central bank. The Central bank removes barriers to access. Users can open UK bank account by just downloading the Babb App. Users can also create fully banked communities using the Central Bank feature.
The BAX token
BAX is the only token that powers the BABB platform. All services like licensing costs and payment fees are paid with the BAX token. You can easily acquire the BAX token using the Mobile app anytime. Users can also purchase the BAX token to use them for other purposes like onboarding and offboarding funds.
Who is behind BABB?
There is a diverse group of individuals and visionaries behind the BABB platform. The team includes blockchain entrepreneurs, data scientists, researchers, engineers, investment bankers and crypto investors. This team is led by Rushd Averroes, Founder, and CEO and Jorge Pereira, the CTO.